SEC Issues Order on FINRA Rule 2030, Finding Consistency with SEC Pay to Play Rule

Summary

The Securities and Exchange Commission has issued an order stating that FINRA's rule 2030, which restricts broker-dealers from soliciting third-party contributions, imposes similar or stricter requirements than the SEC's own rule 206(4)-5, and aligns with the objectives of the SEC's pay-to-play rule under the Investment Advisers Act of 1940.